Homebuilders Hagan Homes has confirmed it will accept a Bitcoin transaction

as a form of payment for its new homes.

The company is believed to be the first homebuilder in Northern Ireland and Republic of Ireland to accept Bitcoin, which is a decentralized digital currency. The worldwide payment system, otherwise known as a cryptocurrency, allows peer-to-peer transactions to take place directly between users without an intermediary.

Jamesy Hagan, Managing Director of Hagan Homes, said: "Bitcoin is an innovative new payment method and essentially a new kind of money. It is very similar to a cash transaction. There has been a significant growth in the use of Bitcoin worldwide and our acceptance of this new channel reflects our willingness to respond to the market.

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"The international appeal of Northern Ireland is continuing to grow. There are an increasing number of international investors establishing businesses in Northern Ireland and subsequently this means that the number of people wanting to live, work or invest in Northern Ireland is increasing.

"Bitcoin is becoming increasingly accepted in the real estate market in USA, with hundreds of listings accepting the cryptocurrency over the last six months. Of course, there are some risks to using Bitcoin for payment due to the cryptocurrency's volatility, but buyers and sellers are finding creative ways to deal with these challenges. By incorporating the learning from our peers into our approach we can embrace this innovation."